CX - Berenberg downgrades Cemex to hold

Berenberg has downgraded its rating on Cemex (NYSE:CX) from buy to hold. The price target was set to $5, implying a 22% increase from the last closing price. Berenberg's rating is line with SA Quant Rating rating of hold, but is in contrast to Wall St. Analysts' Rating of buy (6 Very Bullish, 8 Bullish, 4 Neutral). The materials firm delivered Q1 earnings topper despite big drop in net profit. Cemex (CX) shares have dropped 41% YTD and 53% over the past year Shares are currently down ~5% to $3.91 today, close to the low-end of its 52-week trading range. CX peers Eagle Materials (EXP), Summit Materials (SUM), James Hardie Industries (JHX) and HeidelbergCement (OTCPK:HDELY) are all trading down today.

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Berenberg downgrades Cemex to hold